Indiabulls Real Estate promoter group entity IBREL IBL Scheme Trust today sold 3.3 crore shares of the company for about Rs 662.83 crore through open market transactions. The fund would be utilised by the company for its business and general corporate purpose.

At the end of the last fiscal, IBREL IBL Scheme Trust held 4.25 crore shares, representing 8.89% stake in Indiabulls Real Estate.

Indiabulls Real Estate promoter group entity IBREL IBL Scheme Trust today sold 3.3 crore shares of the company for about Rs 662.83 crore through open market transactions. The fund would be utilised by the company for its business and general corporate purpose, Indiabulls Real Estate informed BSE.

“IBREL IBL Scheme Trust, of which Indiabulls Real Estate Ltd is the sole beneficiary, has sold 3.3 crore shares of the company, on 22nd June 2017 at the stock exchanges, and has realised approx Rs 662.83 crores at an average price of about Rs 200.85 per share,” the filing said.

At the end of the last fiscal, IBREL IBL Scheme Trust held 4.25 crore shares, representing 8.89% stake in Indiabulls Real Estate. Promoters held 50.35 per cent stake in the company as on March 31, 2017.

“The sale proceeds would be used for meeting company’s funding requirements for its ongoing businesses and general corporate purposes or any other purposes as may be approved by its board,” it added.